I’m a bit confused with the above. I thought that the GoCardless API integration would tag transactions (incoming payments) and allocate the fees for me, but when I import my bank statement to the current account, all the GoCardless transactions are untagged.
I’ve been looking at http://help.quickfile.co.uk/main/1/how_do_i_handle_payments_from_an_online_payment_provider_like_paypal_.htm to try to understand how to handle them. I’ve selected them all and tagged them to “GoCardless holding account”. But when I visit that account (referencing items 11-16 in the above guide), I already see money in and money out, which appear to cancel each other out. I don’t understand whether this means they’re already accounted for, whether I still have to enter transactions, etc.
In addition, I’m slightly confused, as the transactions I tagged from the current account say ‘Bank transfer from (1200)’, but the column says ‘money out’.
Am I doing something wrong? Is the API integration doing some of the work that the guide says I have to do? I’m generally a bit lost as to what I have to do with these transactions. Do I just have to tag these transactions from the current account? Are the fees already accounted for, as I thought the API integration did that?
I feel like I’m completely missing something here. Thanks for any guidance,
The GoCardless integration only logs the sales, it doesn’t log any transfers to the current account or fees levied by GC.
Generally what you would do here is find all the money in transfers from GC in your current account and tag them as transfers to the GC merchant account. That should bring the balance in the GC account closer to zero, the difference being any charges made by GC for their service. There are a couple of ways you can handle the GC fees, but the simplest is to just periodically enter a single money out transaction on the GC merchant account and tag this as a supplier payment (categorise as bank charges) to a supplier called ‘GoCardless Processing Fees’, or something similar. I have seen users enter individual money out transactions for every sale but this is very time consuming.
The GC account should hover around zero… Once you have tagged the current account transfers any balance in there should equate to your fees. This is on the assumption that all your GC sales are getting logged on Quick File.